Zacks Investment Research Downgrades TransCanada Corporation (TRP) to Hold
TransCanada Corporation (NYSE:TRP) (TSE:TRP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “TransCanada is a North American energy company. They are focused on natural gas transmission and power services. Their pipeline transports the majority of Western Canada’s natural gas production to growing markets in Canada and the United States. “
A number of other brokerages have also recently issued reports on TRP. Morgan Stanley began coverage on shares of TransCanada Corporation in a report on Friday, September 22nd. They set an “equal weight” rating and a $53.00 price objective for the company. BidaskClub upgraded TransCanada Corporation from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Finally, BMO Capital Markets lifted their target price on TransCanada Corporation from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Monday, July 31st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $64.75.
Shares of TransCanada Corporation (NYSE:TRP) traded down 0.31% on Wednesday, reaching $48.90. The company had a trading volume of 525,754 shares. TransCanada Corporation has a one year low of $42.69 and a one year high of $51.85. The company has a 50-day moving average price of $50.30 and a 200-day moving average price of $48.43. The firm has a market cap of $42.59 billion, a P/E ratio of 48.90 and a beta of 0.67.
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Several hedge funds have recently added to or reduced their stakes in the stock. Frontier Investment Mgmt Co. increased its position in TransCanada Corporation by 2.1% during the second quarter. Frontier Investment Mgmt Co. now owns 307,879 shares of the pipeline company’s stock worth $14,677,000 after acquiring an additional 6,405 shares during the period. Intl Fcstone Inc. acquired a new stake in TransCanada Corporation in the 2nd quarter worth about $807,000. Advisory Services Network LLC raised its stake in TransCanada Corporation by 16.3% in the 2nd quarter. Advisory Services Network LLC now owns 10,504 shares of the pipeline company’s stock worth $501,000 after purchasing an additional 1,475 shares in the last quarter. Capital Innovations LLC raised its stake in TransCanada Corporation by 13.7% in the 2nd quarter. Capital Innovations LLC now owns 21,563 shares of the pipeline company’s stock worth $1,027,000 after purchasing an additional 2,590 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in TransCanada Corporation by 0.5% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 40,707 shares of the pipeline company’s stock worth $1,941,000 after purchasing an additional 216 shares in the last quarter. Institutional investors and hedge funds own 56.79% of the company’s stock.
About TransCanada Corporation
TransCanada Corporation is an energy infrastructure company. The Company is engaged in the development and operation of North American energy infrastructure, including natural gas and liquids pipelines, power generation and natural gas storage facilities. Its segments include Canadian Natural Gas Pipelines, U.S.
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